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Bemco Jacks & Allied Products Directors Report, Bemco Jacks Reports by Directors
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Bemco Jacks & Allied Products

BSE: 522055|SECTOR: Pumps
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Directors Report Year End : Mar '02   
The Directors present the TWENTYSECOND Annual Report and the Audited
 Statement of Accounts for the year ended 31st March 2002.
 
 FINANCIAL RESULTS:
 
 The Financial results for the year in comparision with the previous
 year are given below:
 
                                                2001-2002      2000-2001
                                                      Rs.            Rs.
 
 Gross Profit after meeting all operating
 expenses but before Depreciation and
 Interest amounted to                            4,81,501   (-)16,83,437
 
 Deducting from the above
 
 Depreciation                                         NIL            NIL
 
 Interest                                       20,10,573      25,88,793
 
 Income Tax                                             -              -
 
 Operating Loss for the period was           (-)15,29,072   (-)42,72,230
 
 Adding there to:
 
 Add Deficit for the previous year         (-)1,45,00,723 (-)1,02,28,493
 
 Balance Loss to be carried forward        (-)1,60,29,795 (-)1,45,00,723
 
 DIVIDEND:
 
 In view of the substantial losses your Directors express their
 inability to recommend dividend.
 
 DIRECTORS RESPONSIBILITY STATEMENT:
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
 the Directors, confirm that:
 
 In the preparation of the annual accounts, the applicable accounting
 standards have been followed alongwith proper explanation relating to
 material departures.
 
 Appropriate accounting principles have been selected and applied
 consistently, and have made judgements and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company as at 31st March, 2002 and of the profits of
 the Company for the period ended 31-3-2002.
 
 Proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956 for safe guarding the assets of the Company and for
 preventing and detecting fraud and other irregularities.
 
 The annual accounts have been prepared on a going concern basis.
 
 DIRECTORS:
 
 Sri. H. K. Mohta retires from the Board on rotation and being eligible,
 offers himself for re-election.
 
 MANAGEMENT DISCUSSION & ANALYSIS:
 
 OVERALL REVIEW:
 
 The Annual Statements have been prepared in accordance with the
 requirements of the Companies Act 1956 and accepted accounting
 standards. There are no material deviations from the accounting
 standards. There is a deep recession in the engineering industry and
 un-fair competition in this line of industry from tiny sector and also
 from imported products.
 
 Conditions during last couple of years have been deteriorating
 continuously. Managements best efforts to face the effects of negative
 factors have been found in-sufficient resulting into declining
 production and turnover.
 
 Management is ceased of the problems. Various alternatives of
 re-structuring finance, product and marketing are under consideration.
 As it is situation is grim on all counts. Future of the Company looks
 un-certain.
 
 Inspite of the above adverse factors Bemcos Goodwill remains in tact.
 Companys products are acknowledged in major industrial sectors. This
 may go a long way in pulling out the company from its distressed
 status.
 
 AUDITORS:
 
 The members are requested to appoint Auditors for the current year and
 to fix their remuneration. Sri. P. K. Latkan the retiring Auditors, has
 under Section 224 (1) of the Companies Act, 1956, furnished certificate
 of his eligibility for re-appointment. Auditors have in the Annexure to
 their report remarked on the non payment of Tax deducted at Source and
 other statutory dues the Directors state that payment could not be made
 to the Govt. Treasury on account of paucity of funds. Further, the
 Auditors have qualified their report with reference to non-compliance
 with mandatory Accounting Standards, and the Board regrets that it does
 not have qualified staff to prepare these elaborate reports and
 details.
 
 COMPLIANCE CERTIFICATE
 
 Pursuant to Section 383A (1) of the Companies Act, 1956, Compliance
 Certificate from a practising Company Secretary is attached hereto.
 
 INDUSTRIAL RELATIONS:
 
 Industrial relations during the period under review were Satisfactory.
 
 FIXED DEPOSITS:
 
 Company has not accepted fixed deposits as per the Provisions 58A of
 the Companies Act, 1956.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO:
 
 Steps have been taken to conserve energy wherever feasible. A very
 small amount of electric power is generated through the 65 KVA D. G.
 Set installed exclusively for the purpose of emergency power supply
 whenever there is a power-cut from K. P. T. C. L. No Technology was
 imported by the Company in the past. R&D work is carried out by the
 Company on a small scale, mainly directed towards improving yield and
 processes and for meeting critical product specifications. No
 statements in form A and B of the companies (Disclosure in Report of
 Board) Rules 1988 is annexed hereto as the Company is not engaged in
 activities specified in Schedule to said Rules.
 
 EMPLOYEE STATEMENT:
 
 No statement of employees pursuant to section 217(2A) of the Companies
 Act, 1956 is annexed hereto as none of the employee of the Company was
 drawing emoluments in the range specified by that section during the
 year or any part of it.
 
 STATUS OF LISTING ON STOCK EXCHANGES:
 
 The Company states that on account financial stringency it was unable
 to make payment of Listing fees to Stock Exchanges during the financial
 year 2001-02.
 
 CORPORATE GOVERNANCE:
 
 The Board is advised that as the paid up Capital of the Company is
 below Rs. 1 Crore, it is not mandatory for it to furnish statement on
 Corporate Governance.
 
 ACKNOWLEDGEMENTS:
 
 Your Director wish to place on record their sincere appreciation for
 the co-operation and support of the employees at all levels. Your
 Directors also wish to appreciate the support rendered by the Bankers,
 Financial Institutions and other Government Departments.
 
 For and on behalf of the Board
 
 Place: BELGAUM                              Y. MOHTA        H. K. MOHTA
 Date: 30-08-2002                 Whole-time Director           Director
Source : Dion Global Solutions Limited
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